In the news release, American Capital Invests in Affordable Care forAdd-On Acquisition, issued today by American Capital, Ltd. over PR Newswire,we are advised by the company that the third paragraph, second sentence,should read "American Capital has invested directly and through its globalasset management business approximately $8.2 billion in the last twelvemonths, $4.9 billion year to date and $20 million quarter to date" rather than"American Capital has invested directly and through its global assetmanagement business approximately $8.2 billion in the last twelve months, $4.9billion year to date and $20 billion quarter to date.." Complete, correctedrelease follows:
American Capital Invests in Affordable Care for Add-On Acquisition
BETHESDA, Md., July 25 /PRNewswire-FirstCall/ -- American Capital, Ltd.(Nasdaq: ACAS) announced today that in June it invested in its portfoliocompany Affordable Care, Inc. to support the acquisition of a managementservices platform supporting five dental practices from Fields DentalManagement LLC and Piedmont Dental Center P.A., a dental care provider withlocations in South Carolina. Affordable Care is a dental practice managementservices company that supports a network of affiliated dental practicesproviding removable prosthetics and related services. American Capital'sinvestment takes the form of junior and senior subordinated debt.
"We are pleased to support Affordable Care's growth with thiscomplementary add-on acquisition," said Brian Graff, American Capital RegionalManaging Director. "Since 2006, American Capital has backed Affordable Care,the industry leader in providing management services to affiliated dentalpractices with convenient, low-cost denture services."
American Capital, including is global fund management business, hasapproximately $21 billion in capital resources under management(1) in over 290portfolio companies. American Capital has invested directly and through itsglobal asset management business approximately $8.2 billion in the last twelvemonths, $4.9 billion year to date and $20 million quarter to date. Notincluding funds under management, American Capital has invested approximately$4.4 billion in the last twelve months, $1.8 billion year to date and $20million quarter to date. American Capital assisted in the syndication ofapproximately $1.3 billion of senior debt for its portfolio companies in thelast twelve months and over $300 million year to date. For more informationabout American Capital's portfolio, go tohttp://www.americancapital.com/our_portfolio/our_portfolio.html .
"The acquisition of Piedmont Dental presents an excellent opportunity forAffordable Care to expand its footprint in South Carolina," said Jon Isaacson,American Capital Managing Director, Buyouts. "The Piedmont Dental employeeshave driven exceptional same store sales growth and we expect continuedsuccess with Affordable Care."
"Affiliating with the Piedmont Dental practices will add scale to anestablished platform led by a proven management team," said Sean Eagle,American Capital Principal, Buyouts. "Affordable Care management continues to
execute and grow its business and we are excited to support this highlysuccessful group."
American Capital first invested in Affordable Care in 2006. Founded in1975 and based in Kinston, NC, the Affordable Care network is America'slargest provider of dentures. The company currently provides dental practicemanagement and on-site dental laboratory services supporting a network of 134affiliated dental practices operating under the brand of Affordable Dentures.The company operates in 35 states (predominantly east of the Mississippi) withapproximately 175 affiliated dentists. The Affordable Care-affiliatedpractices provide low-cost dentures and same-day service with no appointmentnecessary.
Piedmont Dental was founded in 19